What is insured
Building content, including equipment, and furnishings permanently installed in buildings owned or leased by the University are automatically insured for fire and water damage if that equipment is considered owned by McGill. Ownership is defined as property either donated to or purchased by the University.
Coverage
The main property policy is an all-risk insurance policy which insures against fire, water, malicious damage and theft (excludes wear and tear). Settlement of a loss is based on the specified value of the property at the time the insurance was arranged. It is therefore important to reflect its replacement value at the onset and update the value each year, as the value is captured per building and items may move or be upgraded.
What requires special attention
- Non-owned property which is either on loan, leased, or borrowed for which the University is responsible. This includes the personal property of staff used for teaching and research while located on University property. This use must be approved by the unit head.
- Property owned by the University which is continuously or occasionally used off premises.
- Property which by its special nature requires specific insurance coverage (e.g., property donated to the University with stipulated insurance requirements).
For any of these situations, please visit the miscellaneous property insurance page for more information.
Personal property
In the event that staff members use their personal property for University activities, they should ensure that their home insurance policy covers loss outside their residence. This coverage is readily available at a reasonable cost.